The following are recent bankruptcy filings in U.S...

BANKRUPTCIES

August 09, 1993

The following are recent bankruptcy filings in U.S. District Court in Baltimore.

July 28

* D & W Trucking, 8805 Blairwood Road, Baltimore. Trucking business filed for Chapter 7. Principals: Dennis W. Baldwin and Pamela Baldwin. Assets: $22,172. Liabilities: $52,557.

* Matthew K. Clarke and Martha J. Clarke, 2356 Baltimore St., Baltimore. Principals in a real estate business filed for Chapter 7. Assets: $270,995. Liabilities: $278,508.

* Paiswell Bakery Inc., 6711 Reisterstown Road, Baltimore. Retail/wholesale bakery business filed for Chapter 11. Principal: Alexander Pais. Assets: $113,617. Liabilities: $126,121.

July 30

* Earl W. Jourdan Sr. and Annis R. Jourdan, 2027 Glen Cove Road, Darlington. Principals in hairdressing business filed for Chapter 13. Assets: $103,240. Liabilities: $102,337.

* Sachs Junior Shoes Inc., 3030 Mondawmin Mall, Baltimore. Retail children's shoe business filed for Chapter 7. President: Mark Gelman. Assets: $51,250. Liabilities: $262,915.

Aug. 2

* John Changhoon Hong, 219 Paul Martin Drive, Halethorpe. Principal in retail clothing and carry-out food business filed for Chapter 7. Assets: $2,550. Liabilities: $29,671.

* Property Improvement Consultants Corp., 2106 McKendree Road, West Friendship. Construction business filed for Chapter 7. President: Barbara E. Geouge. Assets: $0. Liabilities: $41,384.

Aug. 3

* David W. Beardsley, 14 Willard Drive, North East. Principal in trucking business filed for Chapter 13. Assets: $87,564. Liabilities: $81,611.

Aug. 4

* James T. Harduvel, 12839 Stone Eagle Road, Phoenix. Principal in car sales and hair cutting business filed for Chapter 7. Assets: $620. Liabilities: $533,003.

*

The following are the most common types of filings under the U.S. Bankruptcy Code.

CHAPTER 7 -- Liquidation. A trustee is appointed to take charge of all the debtor's property, except for certain exceptions allowed in the law. The trustee will sell the remaining property for the benefit of creditors, and unless a creditor objects and is upheld by the court, the debt will be discharged.

CHAPTER 11 -- Reorganization. Available to all individuals or businesses, this chapter is primarily intended to allow an ongoing business to restructure its debt. A successful reorganization depends on filing a plan and obtaining its approval by creditors and the court.

CHAPTER 13 -- Adjustment of debts of an individual with regular income. This chapter provides a method for individual debtors to repay creditors, in full or in part, over a period of up to five years. It ordinarily involves less than $100,000 in unsecured debt and $350,000 in secured debt.

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